HDFC Bank has increased the MCLR i.e. Marginal Cost of Funds Based Lending Rents for select tenure loans by 5 basis points. After this increase, six-month MCLR has increased to 9.15 percent. The new cs have come into effect from November 7, 2023.
MCLR new rates
After this increase, MCLR in HDFC Bank ranges between 8.65 percent to 9.30 percent. Overnight MCLR has increased by 0.05 percent to 8.65 percent, which was earlier 8.60 percent. One month MCLR has increased by 0.05 percent to 8.70 percent which was earlier 8.65 percent. Three-month MCLR has increased to 8.90 percent which was earlier 8.85 percent.
Six-month MCLR has increased to 9.15 percent which was earlier 9.10 percent. At the same time, one year MCLR has been kept unchanged at 9.20 percent. Most of the loans are linked to one year MCLR only. Apart from this, MCLR for two and three years has been increased from 9.25 percent to 9.30 percent.
What is MCLR?
The full form of MCLR is Marginal Cost of Funds Based Lending Rents. This is the rate on the basis of which banks decide at what interest rate all types of loans including home loan, personal loan and car loan will be given. In simple language, banks do not issue loans below the MCLR rate.
EMI will increase
Since MCLR is directly linked to your loan, its increase has a direct impact on your EMI. In such a situation, whenever MCLR increases, your EMI will also increase.
